文章基本信息

标题：A Sectoral Analysis of Dividend Payment Behavior
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作者：Muhammad Nadeem Khan ; Moona Shamim
期刊名称：SAGE Open
印刷版ISSN：2158-2440
电子版ISSN：2158-2440
出版年度：2017
卷号：7
期号：1
DOI：10.1177/2158244016682291
语种：English
出版社：SAGE Publications
摘要：This study analyzes the sector-wise dividend payment behavior of Karachi Stock Exchange (KSE) for the period 2009 through 2013. First, the trend of dividend payment of 5 years with respect to all 32 sectors is assessed through descriptive analysis. Second, the unit root test for panel data and pooled ordinary lest square (POLS) test were used on 15 non-financial sectors. Results show that the earning per share has a positive impact on dividend payment in eight sectors including beverages, travel and leisure, fixed-line telecommunication, food processors, household goods, personal goods, automobiles, and electricity; however, forestry (paper and board) is negatively associated with the dividend payout ratio. In addition, free cash flow has a positive impact on dividend payment in fixed-line telecommunication, and a negative impact on chemical, forestry, construction and material, engineering, beverages, tobacco, travel and leisure, food processor, household goods, pharmaceutical and biotech, and automobiles.
关键词：sectoral; dividend; payment behavior; panel data; KSE